PTL Enterprises Ltd — Annual Report 2019

May 9, 2019

PTL ENTERPRISES LIMITED

Website: www.ptlenterprise.com I E.mail: investors@ptlenterprise.com J CIN - L25111KL 1959PLC009300

0911i May, 2019

The Secretary	The Secretary
or India LtdNationalStock Exchange	BSL Ltd
Exchange Plaza,	Towers,Phiroze.Tcejeebhoy
Bandra-KurlaComplex,	Dalal Street,
Bandra (E),	Mumbai400001
Mumbai40005 l	Scrip Code:509220
Trading Symbol: PT!.

Suh: Outcome of the Board Meeting held on 091hMay, 2019

Dear Sir/ Madam,

In terms of Regulation 30 of the Sl-B! (Listing Obligations and Disclosure Requirements) Regulation, 2015, we wish to inform you that Board of Directors of the Company in their meeting held on 09.05.2019 has inter alia approved the following:

l. Approved the Audited Financial Statements for the quarter/year ended March 31,2019 and Audited Financial Results for the quarter/year ended March 31, 2019, as recommended by the Audit Committee.

Pursuant to Regulation 33 of Sl-Bl (Listing Obligations Disclosure Requirements) Regulations, 2015, we arc enclosing the following:

• a. Statement showing the Audited Financial Results of the Company under Indian Accounting Standards (I:D AS} for the quarter/year ending March 31, 2019.
• b. Auditor's report with respect to the Audited Financial Results of the company under Indian accounting Standards (IND AS) for the quarter/year ending March 31, 2019.

Further, we would like to state that statutory auditors of the Company have issued audit report with unmodified opinion on the statement.

Recommended a Dividend or Rs.{·S6pcr equity share of Rs. 2/-each for the financial year ended VI arch 31, 2019.

The Board or Director based on the recommendation of the Nomination and Remuneration Committee has Appointed Mr. Tapan Mitra as a Non-Executive Independent Director w.c.f 09.05.20 l 9.Bricf Profile of Mr. Tapan Mitra is enclosed herewith as Anncxurc -A.

L/

Corporate Office: C/o Apollo Tyres Limited, Apollo House, 7, lnstltutlonal Area, Sector -32, Gurgaon -122001 ( Haryana) Tel.: (0124} - 2383002, 2383003, Fax: (0124) - 2383021, 2383017 Registered office : 3rd Floor, Areekal Mansion, Near Manorama Junction, Panampllly Nagar, Koehl - 682036

Tel.: (0484)- 4012046, 4012047, (Fax): (0484) - 4012048

The Annual General Meeting of Company will be held on July30, 2019, Kochi.

The Dividend on Equity Shares if declared at the Annual General Meeting will be credited/dispatched to those members whose name shall appear on the Company's register of Member as on 191hJuly, 2019, in respect of the shares held in dematerialized form, the dividend will be paid to members whose name arc furnished by National Securities Depository Limited and Central Depository Services (India Limited as Beneficial Owners as on the date.

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NSE-PTL	- - --Equity Share	From		To------- ·-··--	Not	Annual58
		Friday		Tuesday	Applicable	General
BSE-509220		July19	,	July30,		Meeting and
		2019		2019		Dividend(if
						declaredat
				-----	. ·--· .----	~----theAGM)-

The Board Meeting commenced at 10:30 A.M. and concluded atll!JDJlffi-

Please take the above information on your records.

Thanking you Yours Fajthfully

~TERPRISES LIMITED Pradeep Kumar c cretary (F4971) B-39, Vikalp Appts. Plot No. ~:?, ! P. Extn., Q(>]hi-110092

Brief Profile of Mr. TapanMitra

Born on 11 July 1954, Tapan Mitra did his schooling from st Xavier's High school, Delhi and therafter did his MA in sociology from Delhi school of economics.

Mr. Mitra is having experience of 40 years in all areas of Human Resources. Ile has worked with JK Papers, Valtas, BILT and Apollo Tyres. lie has worked in both manufacturing plant in I luman Resources department and Corporate I luman Resource department. Before joining Apollo Tyres, he was Vice President I Iuman Resources department with BILT. He retired from Apollo Tyres in 2015 as Chief Human Resources.

I Iis profile is also being uploaded on the Company's website(www.ptlenterprise.com)

He has attended several management and leadership development programmes with IIMS. XLRT. IMD. INSEAD, CCL to name a few.

Disclosure of Relationship between Directors:

Ile is not related to Promoter(s) or Director(s) in the Company, its Ilolding, fellow Subsidiaries or associate Company

PTL ENTERPRISES LIMITED

Website: www.ptlenterprise.com E.mail: i nvestors@ptlenterprises.com CIN - L25111KL1959PLC009300

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

NO.	SL. PARTICULARS		Gl.U~R'TER.ENDE_D	Rs.LakhsYEAR,ENDED
		31.12.201831.03.2019		31.03.2018	31.03.2019	I31.03.2018
		(AUDITED)(Refer note 6)	(UNAL'IDITED)'	'(AUc;i1~~:C))rfl~~fe_r note 6j	(AU@llf'EO.J
1	Revenue from Operations*	1,579.43	1,581.20	1,579.42	6,322.15	6,026.42
2	Other Income	4,86	19.57	338.30	291.18	1,120.30
3	Total lnco~e (1 + 2)	1,584.29	1,600.77	1,917.72	6,613.33	7,146.72
4	Expenses		-
	(a) Employee benefits expense	176.30	45.45	65.57	237.37	88.57
	(b) Finance Costs	48.89	48.87	164.65	191.74	613.65
	(c) Depreciation and amortization expense	30.02	30.33	27.53	121.34	118.53
	(d) Other expenses	108.99	20.86	82.57	236.43	268.57
	Total Expenses	364.20	145.51	340.32	786.88	1,089.32
5	Profit before Tax (3 - 4)	1,220.09	1,455.26	1,577.40	5,826.45	6,057.40
6	Tax Expense
	- Current tax	403.28	430.79	415.39	1,695.75	1,574,39
	- Deferred tax	87.18	8.74	(234.38)	145.36	(100.38)
	Total Tax Expense	490.46	439.53	181.01	1,841.11	1,474.01
7	Profit for the period I year (5 - 6)	729.63	1,015.73	1,396.39	3,985.34	4,583.39
8	Other comprehensive Income (OCI)
	(i) Items that will not be reclassified subsequently to profit or loss
	a. Gain I (Loss) on remeasurement of defined benefit plans	(107.13)	36.77	(168.22)	(143.90)	(196.22)
	b. Gain I (Loss) on change in fair values of investments in
	equity instruments carried at fair value through oct	(290.68)	690.88	123.20	(825.82)	297.20
	c. Deferred tax adjustment on revaluation	6.71	6.71	(92.00)	26.83	(92.00)
	(ii) Income tax relating to items (a & b)	65.05	(91.18)	12.52	138.09	22.52
	Other comprehensive income for the period I year, net of tax	(326.05)	643.18	(124.50)	(804.80)	31.50
	9 I Total comp~ehensive income for the period I year (7 + 8)	403.58	1,658.91	1,271.89	3,180.54	4,614.89
!ilO	Paid-up Equity Share Capital (Equity Shares of Rs. 2/- each)	1,323.77	)23.771	1,323.77	1,323.77	1,323.77
	11 Reserves excluding revaluation reserve				18,000.04	16,415.37
:11!	Earnings Per Equity Share (Face Value of Rs. 2/- each)(Not Annualised)
	Basic (Rs.)	1.10	1.53	2.11	6.02	6.92
	Diluted (Rs.)	1.10	1.53	2.11	6.02	6.92
	(See accompanying notes to the financial results)

* Includes Lease rentals received from Apollo Tyres Ltd.

Corporate Office: C/o Apollo Tyres Limited, Apollo House, 7, Institutional Area, Sector -32, Gurgaon -122001 ( Haryana) Tel.: (0124) - 2383002, 2383003, Fax: {0124) - 2383021, 2383017

Registered Office : 3rd Floor, Areekal Mansion, Near Manora ma Junction, Panampilly Nagar, Kochi - 682036 Tel.: {0484) - 4012046, 4012047, (Fax): {0484) - 4012048

STATEMENT OF ASSETS AND LIABILITIES AS ON MARCH 31, 2019

		Rs. Lakhs
SL.		As on	As on
	NO. PARTICULARS	March 31, 2019March 31, 2018
		(AUDITED)
A.1.	Assets
	Non-current assets	59,357.59	59,477.92
(a)	Property, plant and equipment
	(b) Capital work-in-progress	298.86	-
(c)	Financial assets
	i. Investments	7,651.57	4,294.39
	ii. Loans	121.49	116.24
(d)	Income tax assets (net)	1,329.47	1,285.16
(e)	Other non-current assets	43.29	-
	Total non-current assets	68,802.27	65,173.71
2.	Current assets
(a)	Inventories	-	-
(b)	Financial assets
	i. Cash and cash equivalents	67.19	1,738.55
	ii Bank balances other then (i) above	93.46	80.70
	iii. Loans	37.06	40.21
(c)	Other current assets	1.75	1.44
	Total current assets	199.46	1,860.90
	Total assets (1+2)	69.001.73	67 034.61
B.	Equity and liabilities
1.	Equity
(a)	Equity share capital	1,323.77	1,323.77
(b)	Other equity	47.465.40	45,880.73
	Total equity	48,789.17	47,204.50
	Liabilties
2.	Non-current liabilities
(a)	Financial liabilities
	i. Other financial liabilities	2,251.59	2,086.83
(b)	Provisions	898.92	579.74
(c)	Deferred tax liabilities (net)	12,219.29	12,238.85
(d)	Other non-current liabilities	3,223.26	3,546.30
	Total non-current liabilities	18,593.06	18,451.72
3.	Current liabilities
(a)	Financial liabilities
	i. Trade payables
	- total outstanding dues of micro enterprises
	and small enterprises: and	-	-
	- total outstanding dues of creditors other
	than micro enterprises and small enterprises	449.94	387.03
		606.76	425.07
	ii. Other financial liabilities	25.55	78.88
(b)	Provisions	537.25	487.41
(c)	Other current liabilitiesTotal current liabilities	1,619.50	1,378.39
	Total liabilities (2+3)	20,212.56	19,830.11
	~Total eauitv and liabilities (1+2+3)----,	69,001.73	67.034.61

NOTES:

• The Board of Directors of PTL Enterprises Limited ('the Company") have recommended a final dividend of Rs. 2.50 per share amounting to Rs. 1,654.71 Lakhs on Equity Shares of Rs. 2/- each for the year, subject to approval from Shareholders.
• 2 The Company's operation predominantly comprise of only one business segment Income from lease of Plant to Apollo Tyres Ltd.
• 3 The above financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS), as prescribed under section 133 of the Companies Act 2013, and other recognized accounting practices and the policies to the extent applicable.
• 4 Adoption of Ind-As -115 "Revenue from Contracts with Customers" : Effective April 1, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers". The adoption of Ind-AS 115 did not have any significant impact on the financial results of the Company.
• 5 During the current year, the Company has invested Rs. 4, 183.01 Lakhs in equity shares of Apollo Tyres Limited, which is engaged in the business of manufacture and sale of tyres. Apollo Tyres Limited has shown PTL Enterprises Limited as a part of Promoter Group in its communication to Stock Exchanges.
• 6 The figures of current quarter (i.e., three months ended March 31, 2019) and the corresponding previous quarter (i.e., three months ended March 31, 2018) are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the end of third quarter of the respective financial years, which have been subject to limited review.
• 7 Previous period's figures have been regrouped I reclassified wherever necessary to correspond with the current period's classification I disclosure.
• 8 The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on May 9, 2019. The Statutory Auditors have expressed an unmodified opinion on the aforesaid results.

For and on behalf of the Board of Directors of PTL ENTERPRISES LTD.

ONKAR S. KANWAR

(

Place: Gurugram Date: May 09, 2019

B-41, Panchsheel Enclave, New Delhi-110017 T: +91-11-26499111, 222/444/555 E: delhi@scvindia.com • W: www.scvindia.com

INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF PTL ENTERPRISES LIMITED

1. We have audited the accompanying Statement of Financial Results of PTL Enterprises Limited ("the Company"), for the quarter and year ended 31st March, 2019 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.

This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been compiled from the related financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder ('Ind AS') and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such financial statements.

1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Other Offices

505, 5th Floor Tower 6, World Trade Tower C-1, Sector 16, Noida- 201301 T: +91-120-4814400

4/1 8, Asaf Ali Road, New Delhi-110002 IT: +91 - 11 - 23274888/77410

B-XIX-220,Rani Jhansi Road, Ghumar Mandi Ludhiana -121001 IT: +91 -161 - 2774527

SCV & Co (a Partnership firm) converted into SCV & Co. LLP (a Limited Liability Partnership with LLP Identification No. AAM-5565) with effect from May 3, 2018. Post its conversion to SCV & Co. LLP, its ICAI registration number is 000235N/ N500089. ICAI registration number before conversion was 000235N.

• 1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
  • (i) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016; and
  • (ii) gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the year ended 31st March,2019.
• 1. The Statement includes the results for the quarter ended 31st March, 2019 and corresponding quarter ended of the previous year being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year and previous financial year which were subject to limited review byus. ·

PLACE: GURUGRAM DATED: 9th May, 2019